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On March 16. Lamar Nursery bought 130 Spruce trees at S110 each. Terms of the purchase were 4/10. n/30. It paid for 60 Spruce trees
On March 16. Lamar Nursery bought 130 Spruce trees at S110 each. Terms of the purchase were 4/10. n/30. It paid for 60 Spruce trees on March 25 and paid for the remaining 70 Spruce trees on April 15. If Lamar uses the net method to account for its inventory purchases, what is its cash payment and reduction of inventory on March 25? What is the amount of accounts payable after the March 25 payment? Assume the perpetual inventory system is used. (For entries with a $0 balance, make sure to enter 0 in the appropriate column.) Since Lamar uses the net method to account for its inventory purchases. Lamar's cash payment is on March 25. The reduction of inventory is on March 25. The accounts payable balance after the March 25 payment is
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